The global oil market looks "better supplied" than earlier this year thanks to a ramp up in OPEC...

The global oil market looks "better supplied" than earlier this year thanks to a ramp up in OPEC production, but not oversupplied given the potential impact of sanctions on Iranian oil that raise the risk of a tighter market from the summer onward, the IEA says. Iran could be forced in the next month or two to start shutting in 500K-700K bbl/day of its oil production, IEA's David Fyfe says.